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ESG
Occupier Connect 2023

Responsible business

We are focused on creating an enterprising and transparent work ecosystem for our employees by implementing strong policies.

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Ethics and Responsiblity

Sustainable Finance

We have secured green loan certifications for loans related to our 20 MW solar rooftop project, our 100 MW solar park and other USGBC LEED pre-certified buildings. We are the first in the Indian real estate sector to receive a green loan certification from Climate Bonds Initiative, which mobilizes global capital for climate action towards a low carbon and climate resilient economy.

Asset Acquisition and Site
selection

We have created an ESG checklist, and all proposed acquisitions now undergo an ESG due diligence which would be certified by external advisor(s) and presented to the Investment Committee. Additionally, we have strong related-party safeguards in-place for all acquisitions. For all future acquisitions, we aim to bring the asset under the purview of our net zero commitment within 5 years post the completion of the acquisition.

Responsible Investment

Disclosures

We are committed to maintaining our strong corporate governance standards and continuously endeavour to further refine our disclosures in sync with global best practices. In line with regulatory guidelines, we publish quarterly financial results and semi-annual performance reports as well as an annual sustainability report aligned with the Global Reporting Initiative (GRI) framework. We intend to align our disclosures to Task Force on Climate-Related Financial Disclosures (TCFD) by FY2025.

Corporate Governance

Embassy REIT’s conduct of business is underpinned by a commitment to high standards of corporate governance, which are aligned with global best practices. Our governance philosophy emphasizes accountability, transparency and integrity, with a view to maximizing unitholder value.

1. Our Governance Structure: Embassy REIT is managed by Embassy Office Parks Services Private Limited (EOPMSPL), herein, referred to as the ‘Manager’. The CEO of the Manager holds responsibility for the day-to-day functioning of Embassy REIT and is accountable to the Board of Directors. The Board consists of eight Non-Executive Directors, half of whom are Independent Directors and the rest are Nominee Directors. Together, they bring to the table, many decades of experience and expertise in diverse fields such as Finance, Investment, Healthcare and Business Administration. The Board is chaired by a nonexecutive Director and has 12.5% women representation. For further details, refer these links (Our Structure, Board Of Directors, Management Team, Committee Composition).
2. Our Policies: A comprehensive set of compliance policies guide the governance of the organization and ensure strict adherence to the REIT regulatory framework to protect the interests of our unitholders. For further details, refer these links (Environment Policies and Reports, Social Policies and Reports, Governance Policies and Reports).
3. Our ESG Governance: At Embassy REIT, an ESG committee has been established to drive the organization’s ESG agenda. The ESG committee is a cross-functional management committee of the Manager and is chaired by the CEO, with the Head of Operations as the Secretary. For further details, refer these links (ESG Governance).
4. Strong Regulatory Framework

Regulatory Compliance

At Embassy REIT, we strive to adhere to all regulatory requirements that govern our operations. We continuously monitor our adherence to the relevant laws and on a quarterly basis any non-compliance with regard to environmental, social and governance related laws and requirements is reported to the Board.

Risk Management

Embassy REIT has a robust risk management framework to address risks that arise from the economic, operational, social and environmental ecosystems that we operate in. Under oversight of the Manager’s Board, the organisation’s Risk Management committee is responsible to identify discrepancies early on articulate mitigation options, oversee implementation and track ongoing action to assess extent of impact in terms of risk reduction.

Key Governance Highlights

01

SUSTAINABLE FINANCE

Cumulative green/sustainable finance portfolio

TARGET

₹35 bn by FY2025

H1 FY2023 PROGRESS

₹33 bn

FY2023 key planned initiatives

Continue engagement with financial institutions and agencies to seek opportunities for expanding our green-loan book

02

ASSET ACQUISITION & SITE SELECTION

ESG due-diligence for acquisitions

TARGET

100% by FY2023

H1 FY2023 PROGRESS

ESG due-diligence checklist created

FY2023 key planned initiatives

Undertake ESG due-diligence for all acquisition opportunities assessed during the period

03

DISCLOSURES

TCFD compliant annual report

TARGET

100% by FY2025

H1 FY2023 PROGRESS

Gap assessment underway for TCFD

FY2023 key planned initiatives

Disclose TCFD-metrics in FY2023 reporting

Assess signing-up for SBTi, RE100

Continue participation and score improvement in GRESB, S&P CSA, FTSE Russell, CDP Climate Change benchmarks

04

CORPORATE GOVERNANCE

Adopt and follow best-in-class governance framework

H1 FY2023 PROGRESS

Ongoing quarterly ESG updates to the Board

FY2023 key planned initiatives

Continue quarterly reporting of the progress on ESG roadmap to the ESG committee and Board

05

REGULATORY COMPLIANCE

Compliance with all SEBI regulations within prescribed timelines

H1 FY2023 PROGRESS

Zero incidents of non-compliance

FY2023 key planned initiatives

Continue adherence to SEBI regulations

06

RISK MANAGEMENT

Continuous monitoring and mitigation of key risks

H1 FY2023 PROGRESS

Comprehensive risk register created, and mitigation plans identified ESG included in the ERM process

FY2023 key planned initiatives

Implement mitigation plans for key identified risks

Initiate property-wise detailed risk assessment

  • Note: Targets set against baseline of FY2020 actuate for the portfolio (Including Embassy Techvillage acquisition)

Our Annual ESG Reports

Case

Studies

case1

Embassy REIT Awarded 5-Star Rating By GRESB

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case1

Green Loan Certification for ₹730 crores Debt from Climate Bonds Initiative

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